The good news is, the overall “pain” index has dropped. The bad news is, personal income has been increasingly eaten up by this:
A record-breaking bull market, 50-year low unemployment rates and a wealth of job openings are some of the bright spots converging to put Americans’ “financial satisfaction” at its best point yet, according to an ongoing gauge of household bottom lines.
Taxes were the only measure of financial pain that increased over the last decade, even as the overall “pain” index dropped. “I really think it’s a reflection of how well things are going in the sense there’s a lot of income being made, a lot of transactions being done,” said Dave Stolz, who heads Stolz & Associates, a Tacoma, Wash. wealth management firm, and chairs an AICPA credentialing committee.
To rebound from the Great Recession, federal lawmakers during the Obama administration passed laws that created or extended certain personal and business tax breaks and incentives. But the credits, extensions and rebates were temporary, the Tax Policy Center, a left-leaning think tank noted.
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